{"id":63687,"date":"2017-06-14T01:00:00","date_gmt":"2017-06-13T23:00:00","guid":{"rendered":"http:\/\/beta.next-finance.net\/note\/bofa-merrill-lynch-june-fund-manager-survey-finds-record-number-of-investors-consider-equities-overvalued\/"},"modified":"2017-06-14T01:00:00","modified_gmt":"2017-06-13T23:00:00","slug":"bofa-merrill-lynch-june-fund-manager-survey-finds-record-number-of-investors-consider-equities-overvalued","status":"publish","type":"post","link":"http:\/\/beta.next-finance.net\/en\/note\/bofa-merrill-lynch-june-fund-manager-survey-finds-record-number-of-investors-consider-equities-overvalued\/","title":{"rendered":"BofA Merrill Lynch June Fund Manager Survey finds record number of investors consider equities overvalued"},"content":{"rendered":"<ul>\n<li> Net 44% of investors surveyed say equities are overvalued, the highest response on record and up from net 37% last month<\/li>\n<li> Three quarters of investors surveyed say internet stocks are expensive (57%) or bubble-like (18%) <\/li>\n<li> Long Nasdaq (38%) tops the list for the second month in a row when fund managers are asked about the most crowded trade, jumping from 26% in May<\/li>\n<li> Net 84% of respondents indicate the US is the most overvalued region for equities, a new all-time high; investors find European equities (net 18%) and EM equities (net 48%) to be undervalued<\/li>\n<li> Average cash balance increases to 5.0%, up from 4.9% in May and still above the 10-year average of 4.5%<\/li>\n<li> Macro momentum has peaked: investors\u2019 expectations for faster growth have fallen to net 39%, down 23 percentage points since Jan<\/li>\n<li> Inflation expectations have also continued to fall, with net 60% of fund managers calling for higher inflation, down from net 75% just two months ago<\/li>\n<li> Net 47% of investors surveyed say global monetary policy is \u201ctoo stimulative,\u201d the highest number in over six years<\/li>\n<li> Only net 7% of fund managers say the US Dollar is overvalued, down from net 23% in May and the lowest level since the US election<\/li>\n<li> Chinese credit tightening ranks as the top tail risk for the second straight month (31%), with 61% of investors saying tighter Chinese monetary policy will slow the country\u2019s PMI but have little impact on global growth <\/li>\n<li> Allocation to Eurozone equities remains near two-year highs (net 58% overweight, down from net 59% overweight in May)<\/li>\n<li> Japan equity allocation falls sharply to net 1% overweight, down from net 12% overweight last month <\/li>\n<\/ul>\n<p><em>\u201cMarket vulnerability to profit weakness is very high,\u201d<\/em> said Michael Hartnett, chief investment strategist, \u201cwith investors\u2019 perception of excess valuation coinciding with high global profit expectations.\u201d<br \/>\nRonan Carr, European equity strategist, added that, <em>\u201cWith the allocation to Eurozone equities still near historical highs the pause in performance may last a while longer.\u201d<br \/>\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to  BofA Merrill Lynch June Fund Manager Survey,  net 84% of respondents indicate the US is the most overvalued region for equities, a new all-time high; investors find European equities (net 18%) and EM equities (net 48%) to be undervalued&#8230;<\/p>\n","protected":false},"author":20,"featured_media":63685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1481],"tags":[1655,1651,1437,1724,1999,2091],"_links":{"self":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/63687"}],"collection":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/comments?post=63687"}],"version-history":[{"count":0,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/posts\/63687\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media\/63685"}],"wp:attachment":[{"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/media?parent=63687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/categories?post=63687"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/beta.next-finance.net\/en\/wp-json\/wp\/v2\/tags?post=63687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}